Global Market Round Up on Commodities by HDFC Securities March, 11 2026

Gold and Silver Price

Gold and silver rebounded on Tuesday as a pullback in the U.S. dollar and Treasury yields provided relief to precious metals. The U.S. Dollar Index retreated after hitting a 15-week high in the previous session, while Treasury yields also edged lower, creating room for bullion to recover. Sentiment was further supported by news that the People’s Bank of China increased its gold reserves for the 16th consecutive month in February, reinforcing long-term demand from central banks. Despite yesterday’s rebound, gold and silver continue to trade within a broader range, and we expect this consolidation to persist in the near term as markets balance inflation concerns, policy expectations, and geopolitical risks.

Meanwhile, renewed safe-haven demand also supported prices after the Pentagon stated that the U.S. and Israel had carried out some of their most intense strikes yet on Iran and would continue operations until their objectives are achieved. The increasingly aggressive tone from Washington came despite earlier remarks from President Donald Trump suggesting the conflict could end soon, highlighting the uncertainty surrounding the situation.

Crude Oil & Natural Gas Price

Crude oil prices tumbled more than 11% on Tuesday, with WTI futures settling near $83.50 per barrel, after spiking to almost $120 in the previous session. The sharp decline came as global leaders signaled readiness to intervene to limit the impact of the Iran war on energy markets. The IEA has proposed the largest-ever release of strategic oil reserves to contain the surge in energy prices triggered by the Middle East conflict. The proposed release would exceed the 182 million barrels released in 2022 following Russia’s invasion of Ukraine and would mark the largest single release on record. Despite the sharp pullback, the geopolitical risk premium is likely to keep oil prices elevated in the short term, and we may continue to see volatility on both sides of the market.

Natural gas prices fell on Tuesday as milder weather forecasts reduced heating demand, while plans for a large strategic oil reserve release by the IEA also pressured energy markets.

Copper and Base Metals Price

Base metals rose on Tuesday as traders assessed the potential duration of the Iran war and its impact on global supply chains for industrial metals. Concerns that disruptions in the Middle East could affect key shipping routes and metal supplies supported prices across the complex.